Business Blunders

CEO gets R1bn for being fired. Infamous ex-KGB agent builds Ugandan oil refinery

Also read the following "Business Blunders":

- Kids expect Sponge Bob; theatre shows 50 Shades of Grey

- Facebook rejects Lance Browneye. Parmalat recalls denatured, re-watered PureJoy

- “Curro’s teachers are good at math, especially division.”

Uganda tries it’s best to screw up nascent oil industry

“Uganda discovered huge amounts of oil in 2008 but, as usual, they’re doing their best to screw it up,” quips Vestact MD Paul Theron.

“Instead of sucking it out, sending it to the coast and selling it to the Asians they’re now pushing to build a massive inland oil refinery.”

If Uganda gets this right they’ll be the first as all Africa’s inland refineries have been closed and remain not much more than industrial wastelands, according to Dr Duncan Clarke, author of the Crude continent: The struggle for Africa's Oil Prize.

Inland oil refineries are counterintuitive. “These types of refineries only serve the market you’ve got.”

Uganda had the opportunity to build a 60 000 barrels per day refinery at $4-billion. “A steal!” exclaims Theron. “Instead the geniuses awarded the contract to Russian defense contractor RT Global, a company that makes AK-47s."

RT Global is owned by a former KGB agent Sergey Chemezov. “He’s a close bugger of Vlad Putin’s,” says Theron. “He’s also on the US and European personal sanctions list because of his dealings in the Ukraine.

“There’s no bigger showcase for humanity’s capacity to create ugliness on a grand scale than a really big, dirty oil refinery,” says Theron.

It’s nice being CEO, especially (so it seems) when you get fired

David Piatt, the CEO of Allergan, the maker of Botox, stands to earn R1.1-billion for getting fired after a rival company, Actavis, bought Allergan for R762-billion.

Listen to the audio for more detail.

Also read the following "Business Blunders":

- Kids expect Sponge Bob; theatre shows 50 Shades of Grey

- Facebook rejects Lance Browneye. Parmalat recalls denatured, re-watered PureJoy

- “Curro’s teachers are good at math, especially division.”


Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Trump vs Jong-un; it’s complete ‘bulls**t’ – Paul Theron (Vestact)

Trump vs Jong-un; it’s complete ‘bulls**t’ – Paul Theron (Vestact)

They’re two “w**kers” looking for attention says Paul Theron, the straight-talking MD of Vestact.

Virgin’s “foam-pas”, golden poop, cheating Qataris; the week’s business blunders

Virgin’s “foam-pas”, golden poop, cheating Qataris; the week’s business blunders

Qatar, trying cheat its way to a world record, forced flip-flop wearing labourers to take part in a marathon. This and more...

McD wants you to have super sized dreams (& rappers "stamp" their authority!)

McD wants you to have super sized dreams (& rappers "stamp" their authority!)

Mike Wills standing-in for Bruce Whitfield spoke to Vestact MD Paul Theron about this week's business blunders.

Kids expect Sponge Bob; theatre shows 50 Shades of Grey

Kids expect Sponge Bob; theatre shows 50 Shades of Grey

Many adults find whips and chains scary, but imagine you’re 9 and you were expecting a man who lives in a pineapple under the sea.

Facebook rejects Lance Browneye. Parmalat recalls denatured, re-watered PureJoy

Facebook rejects Lance Browneye. Parmalat recalls denatured, re-watered PureJoy

Business blunders including the Greek Finance Minister’s bizarre previous job and SA's unrealistic dream to glow in the dark.

“Curro’s teachers are good at math, especially division.”

“Curro’s teachers are good at math, especially division.”

Curro’s classroom apartheid, a typo causing bankruptcy, a Gauteng running club scam and a Brazilian parastatal worse than Eskom.

Popular articles
Personal finance guru Maya Fischer-French comes clean about her own finances

Personal finance guru Maya Fischer-French comes clean about her own finances

Bruce Whitfield interviews Fischer-French about her attitude to money (hopes and fears, successes and failures, etc.).

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

How to make money through ‘buy-to-let’ (using very little of your own money)

How to make money through ‘buy-to-let’ (using very little of your own money)

Bruce Whitfield interviews Francois Janse van Rensburg, author of “Making Money through Buy-To-Let in South Africa".

Retirement: 8 biggest mistakes people typically make…

Retirement: 8 biggest mistakes people typically make…

The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.

[LISTEN] Father shares how he shot the man who raped his daughter

[LISTEN] Father shares how he shot the man who raped his daughter

Johannesburg father, Chris says he had just come back from work when he walked in on an employee raping his 17 year old daughter.

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Elon Musk, as you’d expect, hails from an exceptional family. Bruce Whitfield interviews his Capetonian father.